Bitcoin’s price has risen extremely that it is completely impossible for a person to comprehend how it got very expensive for the fact that it leaves a lot of minor players in the market with massive gains and big players becoming millionaires, however, is this some kind of a bubble that can burst at any time?
First off, let us understand what drives bitcoin price and particularly its soaring popularity both to enthusiasts and investors because the common understanding for its current growth always leads us all back to its institutional investors who prepared for the inevitable rise in its exchange.
The primary theory behind the astonishing rise of bitcoin is being put towards by its investors on the social media platform where it was positioned towards the investor’s interests which benefited also big institutional money injections through the introduction of the first bitcoin-based products.
Last 2018, the CBOE Global Markets and the CME Group have launched future contracts that are entirely new before Christmas which allowed more investors to go for long-term or short-term investments on bitcoin which enables bitcoin to reach farther palatability to bigger investors who present in the market which their goal is to profit from it when the bitcoin price starts to fall.
This strategy from big investors have legitimized bitcoin in Wall Street’s eyes which is a very important point to consider with cryptocurrencies are still suspect.
The further growth comes from the bitcoin which has a stored value from the crowd that mines it. These group of bitcoin enthusiasts who are also keen on the other situation of other types and brands of cryptocurrency have bought and hoarded bitcoins and are not willing to sell at any current price. In fact, there is an increased number of bit coin fans that enters into this group and they are also driving the increase of the demand for it which makes it more expensive as we speak.
Bitcoin was discovered in 2009 which it was not on a state for being tradable on any exchanges and its first price was recorded on 2010 which is totally worthless not until 2011 where it achieved parity with the dollar on the Mt. Gox Exchange in February of 2011 where it reached its first bubble at $31 which had several fluctuations until 2017 came when its price skyrocketed to $20,000 before the year ended because of the rise of investors that poured their money to it.
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